Notifications
Clear all
Scottish Trust Deed Forum
5
Posts
3
Users
0
Reactions
2,381
Views
Topic starter
09/01/2015 8:52 pm
Hi could you give me some advice? I joined a Scottish trust deed and successfully completed my agreement. My last payment was June 2014, however I never received a final letter of confirmation, I contacted the company dealing with my deed in September for them to apologise as they had not closed the agreement. In October I received my letter of closure. I married in 2011 and due to the trust deed I have not been able to open a joint account with my husband in my married name. Today I checked Noddle for a credit check and all companies involved in the deed are showing as default unpaid and therefore my rating is showing as 1 out of 5. I called the company overseeing the deed and they have said they are doing PPI checks, I asked what the current status is with this process and they have said they are unable to give me a update or deadline as this has been outsourced to another company. So my concern is that I have completed my agreement and had my closure letter however my money has not moved from their account, thus the companies involved have not been paid. We are now into January and I understand, correct me if I'm wrong they are receiving interest on my money. I have checked with the companies involved for PPI and they have confirmed there is no payments due, I'm happy for the company to do a further check but unhappy that my credit rating is still not changed. They advised me to send a copy of my closure letter to Noddle to update their records however they said they might not update my credit rating due to the companies involved not being paid? This is very frustrating, can you recommend any advice to move this along? thanks
09/01/2015 9:26 pm
Welcome to the forum cranston75.
It's actually irrelevant whether your creditors have been paid or not.
Once you've been discharged the Information Commissioner (who oversees data protection in the UK) states that you're entitled to expect and/or request that your credit record is updated accordingly.
Any interest on your money with your trust deed provider will go to the creditors. Your trustee has no vested interest in holding onto it.
If you want your credit status to be updated I'm afraid you'll need to start contacting your former creditors individually and demand that they get on with it.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
09/01/2015 9:44 pm
Thank you for your prompt reply. I will arrange to contact my former creditors, just disappointing that again it's left up to me to move this along.
09/01/2015 10:47 pm
I can appreciate the frustration, but dealing with credit record issues has always been outside of the scope of the work that insolvency practitioners do for their clients cranston75.
I hope you're able to sort it out quickly.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
11/01/2015 11:57 pm
Hi Cranston75
Just for your further information, when you contact the companies ensure you send a copy of your Form 5 and detail the date of the Trust Deed so they will not only mark it as Satisfied but also ensure the date is the same as or close to the date of your Trust Deed so they all 'drop off' around the same time.
Sadly, your credit rating is highly unlikely to change until your Trust Deed Drops off, six years after the start of your Trust Deed. It will depend on your bank how they view Trust Deeds.
In am in my sixth year; have all the debts marked as Satisfied and the default dates within one month of the Trust Deed. I am operating a Next card which I pay off every month and I have recently obtained an Aqua card to build up a record of good payments in my last year so when the defaults drop off my credit report will show I have some credit and all up to date. My report is still 1/5 although the score number has moved up slightly.
Still, until the TD disappears, it is still fragile.
Good luck. I hope your bank is sympathetic to your situation.
